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Northern Rock is acquisition target of GMAC: sources
NEW YORK (Reuters) - Distressed UK mortgage lender Northern Rock <NRK.L> is an acquisition target of U.S. finance company GMAC, sources told Reuters on Wednesday.
Earlier on Wednesday, GMAC said it was considering the purchase of a "large non-U.S. mortgage lending institution," but did not identify the target.
GMAC is 51 percent owned by a consortium led by private equity firm Cerberus. On Tuesday, another source told Reuters that Cerberus has submitted a bid for Northern Rock.
GMAC, 49 percent owned by General Motors Corp <GM.N>, would not elaborate on its statement. Cerberus declined to comment.
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(Reporting by Mark McSherry, editing by Leslie Gevirtz)